“The rapid integration of cloud-based technologies worldwide will boost market growth”
The global policy management software market is growing immensely, projected to expand at a CAGR of 17.8% during the estimated period from 2023 to 2030, starting from US$ 2,615.1 Mn in 2021.
The rapid integration of cloud-based technologies coupled with growing stringent regulations across the globe are some major factors for the market growth over the forecast period. The surge in the adoption of policy management software across numerous industries such as BFSI, retail, automotive, and others is one of the prominent factors estimated to enhance the global market demand in years to come. The growing focus on improving operational efficiency is further projected to drive market growth over the forecast period.
The various policy management software benefits such as organization risk management, automation, maintain staff accountability are anticipated to support the market growth in years to come. The surge in IT spending by small and medium enterprises is another major factor for market growth during the forecast period. The surge in strategic collaborations among market players and new product launch are further estimated to drive the market demand over the forecast period. For instance, in March 2020, Amdocs and Google Cloud announced a strategic partnership. In the partnership, Google Cloud will deliver Amdocs leading software’s on Google Cloud and will create services and solutions for enterprises on the cloud.
“The growing BFSI industry to spur the segment growth”
The BFSI segment had a major share in the global market in 2021. The BFSI segment had over 25% market revenue share in the same year. The rapidly growing BFSI industry across the globe along with rising IT spending by finance companies are some of the major factors for segment dominance. The worldwide finance industry was estimated at nearly US$ 22 Tn and projected to grow at a significant CAGR of 6% over the upcoming years. The growing BFSI industry in the emerging economies of Asia Pacific including China, India, and others is another major factor for the market growth during the forecast period. Therefore, the segment is presumed to continue its dominant position throughout the forecast period.
“The rising demand for policy management software to enhance North America growth”
North America accounted for a major share in the global market in 2021. North America had more than 40% of the market share in the same year. The surge in demand for policy management software coupled with early technology adoption are the major factor for regional dominance. The growing spending on IT infrastructure coupled with the presence of major market players such as Juniper Networks, Inc., Amdocs, NETconsent LTD. and others are some other major factors for regional dominance.
“The growing IT spending by small & medium enterprises to enhance Asia Pacific growth”
The Asia Pacific is projected to expand at a rapid pace during the forecast period owing to growing IT spending by small & medium enterprises coupled with the surge in cloud-based deployment in the region. The growing security compliance coupled with expansion by major players in the region is another major factor projected to drive regional growth. For instance, in May 2020, NETconsent Ltd. partners with Asia’s leading IT distributor Cloud Distribution. With the partnership, NETconsent is estimated to expand its product portfolio in the ASEAN market.
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Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Policy Management Software market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
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| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
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Key questions answered in this report
